FMR is near market; voucher and private rents are aligned.
1.01
2 BR
2 BR
1.17ratio
FMR$1,180
Market$1,010
vs market+$170
FMR is above market; underwrite to market rent.
1.17
3 BR
3 BR
1.06ratio
FMR$1,420
Market$1,340
vs market+$80
FMR is near market; voucher and private rents are aligned.
1.06
4 BR
4 BR
1.22ratio
FMR$1,640
Market$1,340
vs market+$300
FMR is above market; underwrite to market rent.
1.22
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 46903 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46903 (Kokomo, IN) is $1,180 a month. That is up 5.4% from $1,120 in FY 2026. Kokomo is in the Kokomo, IN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,179. Among 17 ZIP codes in Howard County, 46903 is tied for the 6th-highest two-bedroom rent (county range $1,020–$1,380). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46903 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46903
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$880
$910
+3.4%
$819–$1,001
1BR
$890
$920
+3.4%
$828–$1,012
2BR
$1,120
$1,180
+5.4%
$1,062–$1,298
3BR
$1,380
$1,420
+2.9%
$1,278–$1,562
4BR
$1,560
$1,640
+5.1%
$1,476–$1,804
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46903
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$910
$920
$1,180
$1,420
$1,640
FY 2026
$880
$890
$1,120
$1,380
$1,560
FY 2025
$810
$810
$1,020
$1,280
$1,430
FY 2024
$790
$790
$980
$1,300
$1,430
FY 2023
$680
$720
$880
$1,200
$1,320
Two-bedroom rent in nearby Howard County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46903?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,179, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,061 to $1,297 a month; under the ZIP-level Small Area FMR of $1,180 it would be $1,062 to $1,298. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 46903 in?
ZIP 46903 is in the Kokomo, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,179.
How much did fair market rent change in ZIP 46903 for FY 2027?
The two-bedroom FMR rose 5.4%, from $1,120 in FY 2026 to $1,180 in FY 2027. Since FY 2023 it has risen 34.1%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set